“Asset management is the type of utility business that Amazon could easily disintermediate, for both its own benefit and the benefit of average investors worldwide,” writes Hwang, a former portfolio manager at index-funds pioneer Vanguard.

“If you thought the overbuilt status of bricks-and-mortar retailing provided the kindling to the Amazon explosion in retail, the abundance of asset managers (especially active asset managers) provides the uranium for an apocalypse that could be much worse,” he says.

The stat

9 years old — That will be the age of the bull market for U.S. stocks come Friday, note LPL Financial’s John Lynch and Ryan Detrick.

“We would not be surprised if the current bull market celebrates its record tenth birthday next year,” they say.

The S&P 500 is up 302% from the low hit on March 9, 2009.

'Wolf of Wall Street' to investors: Watch out for these red flags

(3:35)

Jordan Belfort, the former stockbroker portrayed by Leonardo DiCaprio in the movie "The Wolf of Wall Street", talks to MarketWatch about what mom-and-pop investors should watch out for in today's market.

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